If you’re looking to sell a product online via a website, Amazon or any other platform then finding the right product to sell can be the hardest hurdle to overcome.
With the ever increasing popularity of online selling, there have been more and more people looking to venture into the space. Amazon alone reports over 1 million new sellers joining its platform per year!
What this means is that there is a lot of competition for sales and its becoming harder to find a niche which isn't saturated.
So, how to find your niche without it turning into a lolly scramble?
There are many things which should be looked at and taken into account when trying to determine a good niche to sell in. We’ll touch on a few of these below.
One of the key things I often look at is asking the question; what interests you? If you look at your interests, sports, hobbies then you may just find something that you can turn into a product and business. This is important because if you’re already interested in it then you’re more likely to push the idea on and make a success of it because the interest is there. If you choose something that you aren't interested in and have no knowledge of experience in then not only do you have to educate yourself in that, but you are far more likely to lose interest in the product or niche after a while which will make the ongoing success of your business hard to achieve. Brainstorm these and note down all of the ideas to then try to fine tune with the next steps.
Determine your overall goal for the business; are you looking for a short term play where a trendy product could be suitable to go with. Or, are you looking for a long term business where an evergreen product or niche maybe more suitable. Refine your ideas to meet this.
Go on Google Trends to search the product or niche and this will show the trend of the searches for this over a set period. Use this as a check for the above trending assessment.
Jump onto Amazon and go to their Best Sellers section and filter the results by your niche, for example; Home Entertainment. See what products are popular and gain additional ideas from these because they show what's selling.
Aim to solve a problem with your product. This is key, because customers need products that fix the issue they're currently having and if your product can do it better than the competitions then that will put you ahead to the rest. Go onto Quora and Reddit and search the product or topic to find what problems people are having and thy to solve these in your product development.
Go back onto Amazon and search the reviews of products similar to yours. See what customers are saying and look for the comments where they are complaining about the product of a feature of it. This is then a great way to improve the product features to suit what the customer wants.
If you’re planning on selling on Amazon then take the extra step to use AMZScout and their tool will use a number of metrics to determine a 1–10 rating of the niche for the Amazon platform in terms of how competitive it is. Its a great cross check to run.
Once you have a short list of ideas, then do a SWOT analysis on each. So, that’s identifying each ones Strengths, Weaknesses, Opportunities and Threats and listing them down. You can then take all of these into account to see which one looks like the best to proceed with.
Next, use a product like Leadpages to set up a simple sales funnel and run some Facebook adverts to the funnel to see if you can get some sales. If you do get sales, then email the customer saying that you’re out of stock and you will email them when back in stock to complete the purchase. That way you keep the customer happy, still get a sale in the end and get to test your product before committing to a lot of inventory.
The key thing with any of the steps outlined in this article is that you need to be prepared to be patient. You may need to do each step multiple times over multiple products before you find a winner. Finding a successfule product or niche is not easy or quick so you need to be prepared to put in the work and time to do it right.
If you found the above information useful, then visit our free resource website at www.emilyandblair.com (launching June 2021) for a vast library of likeminded guides, checklists and content devoted to online businesses.